Bitcoin’s price has jumped more than 260% since October 2023, and many are wondering if there is still room to go higher. In a video, crypto expert Gerhard – Bitcoin Strategy, with over 136,000 subscribers, broke down what’s happening behind the scenes, using on-chain data and market signals to help answer that exact question.
One of the key things Gerhard points out is the “sell-side risk ratio.” When this number is high, it often means we’re nearing the top, investors are in profit, and might start cashing out. When it’s low, that usually signals a buying opportunity. Right now, that ratio is still low, and momentum is picking up.
The majority of Bitcoin’s supply is still held by long-term investors. These are the people who tend to buy when prices are down and sell into big rallies. According to charts shared in the video, there was some selling back in April 2024 around the $70K mark and again near $100K. But lately, there hasn’t been much selling. That suggests long-term holders still see value at current levels.
What you'll learn 👉
Stablecoin Dominance and Market Sentiment
Gerhard also takes a closer look at stablecoins to measure how confident investors are feeling. The total market cap of stablecoins has climbed to $240 billion, and stablecoin dominance, which shows how much of the market is sitting in cash, has been dropping. That usually means people are moving back into riskier assets like Bitcoin.
Even though yields in DeFi are low right now (just 2.5% to 2.9% for holding stablecoins), capital keeps flowing into crypto. Why? Not for the yield, but because investors expect prices to keep rising. Since the market flipped bullish last October, the stablecoin market cap is up 85%, showing there’s still plenty of interest.
What’s the Upside From Here?
Gerhard believes there is still room for Bitcoin price to climb further. He points to past cycles and current market conditions to suggest an upside target of $130,000 to $150,000. Although the path upward is never smooth, and short-term dips of 20% to 30% are common, the long-term setup remains intact.
He also emphasizes that attention plays a major role. As more media coverage floods in, retail interest grows and often pushes prices to new highs. However, this phase eventually cools off, often followed by corrections driven by short-term holders.
Furthermore, Ethereum is starting to show signs of life, too. Its dominance is now back to where it was in late 2019, which some see as a signal that ETH price may have found its bottom. Still, Bitcoin dominance is rising, and history tells us that altcoins usually don’t rally until Bitcoin’s dominance starts to peak, often around 70%. So for now, altcoin investors might want to stay patient.
Insider Wallet Tracking and Market Influence
Another big part of Gerhard’s breakdown is wallet tracking. Some of the biggest returns in crypto come from spotting small-cap tokens before they explode. One way to do that is by watching what major influencers and insiders are buying.
Tokens like KEK and Virtual gained big after being picked up early by popular names like Brian Jung and the CryptoBanter team. By using blockchain tools, regular investors can now track these wallet movements in real-time and get in earlier on strong plays.
Read Also: Will Pudgy Penguins Hit $0.10? Experts Break Down the PENGU Price Potential
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